Exelon Corporation · NASDAQ:EXC
Exelon — Q2 2026 Earnings Presentation
38 slides from Exelon's earnings presentation, Jul 30, 2026
Slide 1: Earnings Conference Call Second Quarter 2026
July 30, 2026 Earnings Conference Call Second Quarter 2026
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “pr
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including:
Slide 4: Key Messages
Key Messages ▪ Adjusted Operating Earnings* of $0.43 per share in Q2 2026 vs. $0.39 per share in Q2 2025 Financial and ▪ GAAP Earnings of $0.39 per share in Q2 2026 vs. $0.39 per share in Q2 2025 Operational ▪ Affirming 2026 EPS* of $2.81 - $2.91 per share(1) Excellence ▪ All utilities projecting to
Slide 5: Q2 2026 QTD Adjusted Operating Earnings Waterfall
Q2 2026 QTD Adjusted Operating Earnings* Waterfall $0.02 Approved Distribution and Transmission Rates(1) $0.01 Approved Distribution Rates(1) $0.04 Absence of Customer Relief Fund $0.01 AFUDC ($0.02) Credit Loss Expense $0.01 Income Taxes ($0.02) Other $0.03 Other ($0.01) Interest Expense $0.43 $0.3
Slide 6: Distribution Rate Case and Other Regulatory Updates
Distribution Rate Case and Other Regulatory Updates Open Base Rate Cases Revenue Req. Requested ROE / Expected Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Increase Equity Ratio Order Date Pepco MD IT RT EH IB RB FO CF $119.9M 10.50% / 51.53% Aug 2026 Electric DPL DE IT CF $45.4M 10.50% /
Slide 7: Advancing Affordable and Reliable Energy Solutions
Advancing Affordable and Reliable Energy Solutions Customer-Focused, Utility-Led Energy Solutions Active Projects New Jersey BESS Project - Up to 500 MW ACE-owned storage partnered Reduces customer costs through market with Invenergy to construct by late 2030 Utility-Owned Battery Storage mitigation
Slide 8: Strong Balance Sheet Provides Strategic and Financial Flexibility
Strong Balance Sheet Provides Strategic and Financial Flexibility Moody’s S&P Stable Platform with a Credit Supportive Value Proposition CFO (pre-WC) / Debt*(1) FFO / Debt*(1) ~14% ~14% ▪ Exelon’s scale, jurisdictional diversification, operational excellence, and effective ~13.5% 13%(2) ~13.0% recov
Slide 9: 2026 Business Priorities and Commitments
2026 Business Priorities and Commitments Execute Plan Consistent and Reliable ❖ Prioritize employee safety and engagement ❖ Deploy ~$10B of capex for the benefit of customers Execution ❖ Maintain industry-leading operational excellence ❖ Focus on cost management and innovation Focus on Customer ❖ Ca
Slide 10: Sustainable Value as the Premier T&D Energy Company
Sustainable Value as the Premier T&D Energy Company Consistent Growth, Long-Term Value 100+ workforce Customer rates 19% Top quartile SAIFI & SAIDI Operational Excellence Customer-Focused Financial Execution Talented, Committed Employees Consistent track record of development programs below largest
Slide 11: Additional Disclosures
Additional Disclosures 11
Slide 12: Positioned for Resilient and Reliable Growth
Positioned for Resilient and Reliable Growth Consistent Growth, Long-Term Value Attractive Risk Adjusted Return Size and scale Disciplined and defensive foundation, with credible Pure T&D-only utility spanning seven regulatory jurisdictions. Significant cost and opportunities for sustainable growth
Slide 13: Industry Trends Drive Growing Transmission Needs
Industry Trends Drive Growing Transmission Needs of identified transmission opportunity beyond the plan, with competitive projects offering $12-17B further upside, reinforcing Exelon’s enduring role in ensuring a resilient and reliable grid for the nation’s economy, while supporting customer afforda
Slide 14: Exelon is Well-Positioned for Transmission Solutions
Exelon is Well-Positioned for Transmission Solutions Continued investment and an expansive footprint… …support Exelon’s competitive edge for transmission opportunities Transmission CapEx ($M)(1) ➢ 1 of 4 U.S. 765kV transmission operators with decades of experience 16,300 ➢ 11,197 Transmission Lines
Slide 15: Exelon is a Key Partner in Driving Economic Development
Exelon is a Key Partner in Driving Economic Development Validated by PJM, Proven by Execution Exelon’s Projected Data Center Growth Data Center Load in Northern IL(1) +20% 700 FERC has endorsed Exelon’s TSA framework as a model for 600 ~25% CAGR(1) protecting customers, improving queue certainty, an
Slide 16: The Power of Impact: Growth and Progress in Our Communities
The Power of Impact: Growth and Progress in Our Communities January 21, 2026 July 31, 2025 November 12, 2025 MD: Pepco White Flint IL: Prologis Community MD: BGE Battery Storage Substation Supports Solar Launch Proposal Reliability April 3, 2026 September 9, 2025 December 11, 2025 MD: BGE & Pepco IL
Slide 17: Energy Security and Associated Policy is a Top Priority
Energy Security and Associated Policy is a Top Priority Regional Transmission Federal Agencies States Operator Shape large load policies to protect Facilitate supply in line with the pace of demand Adopt policies that promote economic development customers, promote economic growth, and and solve nea
Slide 18: Operating Earnings Growth Outlook
Operating Earnings* Growth Outlook 2026 2027 2028 2029 Total YoY Growth Growth Above Midpoint Growth Near Top End of 5-7% Range(3) Relative to Range (1) of 5-7% Range(2) Growth Drivers 2026-2029(4) Distribution Transmission ▪ Growth in line with rate base ▪ Annual transmission updates occurring ▪ Ca
Slide 19: Q2 2026 YTD Adjusted Operating Earnings Waterfall
Q2 2026 YTD Adjusted Operating Earnings* Waterfall $0.03 Approved Distribution and Transmission Rates(1) $0.04 Approved Distribution Rates(1) $0.04 Absence of Customer Relief Fund $0.02 AFUDC ($0.02) Credit Loss Expense ($0.02) Interest Expense ($0.05) Timing of Distribution Earnings $0.03 Other ($0
Slide 20: Driving Affordability and Value for our Communities
Driving Affordability and Value for our Communities O&M* Growth Well Below Inflation Advancing Customer and Community Equity 5.2 Managing Our Operations and Costs O&M* Grown at Inflation (CPI)(1) 5.0 • Saved over $1B in avoided outage costs in 2025 O&M* Grown at Smoothed Inflation (CPI)(1) 4.8 EXC A
Slide 21: 2026 Financing Plan
2026 Financing Plan(1) Entity Instrument Issuance ($M) Maturity ($M) Issued ($M)(2) Remaining ($M) FMB $1,425 ($500) $1,425 - FMB $250 - $300 - FMB $100 - $100 - FMB $150 - $150 - FMB $750 - - $750 Senior Notes $950 ($350) $925 - Senior Notes / Other(3) $1,775 ($750) $1,775(3) - Equity(4) $850 - $85
Slide 22: Exelon Debt Maturity Profile
Exelon Debt Maturity Profile(1,2) Debt Balances (as of 6/30/26)(1,2) ($B) Short-Term Debt Long-Term Debt Total Debt BGE $0.0 $6.6 $6.6 As of 06/30/2026 ComEd $0.0 $13.9 $13.9 ($M) PECO $0.1 $6.6 $6.7 PHI $0.0 $10.1 $10.1 Corp $1.1(3) $14.3 $15.4 Exelon $1.2 $51.4 $52.7 2,823 1,400 2,400 1,650 303 1,
Slide 23: Exelon Adjusted Operating Earnings Sensitivities
Exelon Adjusted Operating Earnings* Sensitivities Interest Rate Sensitivity to +50bp 2026E 2027E (1) Cost of Debt $(0.00) $(0.01) Exelon Consolidated Effective Tax Rate 19.5% 20.0% Exelon Consolidated Cash Tax Rate(2) 2.9% 4.2% (1) Reflects full year impact to a +50bp increase on Corporate debt net
Slide 24: Rate Case Details
Rate Case Details 24
Slide 25: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Open Base Rate Cases Revenue Req. Requested ROE / Expected Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Increase Equity Ratio Order Date Pepco MD IT RT EH IB RB FO CF $119.9M 10.50% / 51.53% Aug 2026 Electric DPL DE IT CF $45.4M 10.50% / 50.50% Q3 202
Slide 26: Pepco MD Distribution Rate Case Filing
Pepco MD Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9820 ▪ October 14, 2025, Pepco filed with the Maryland Public Service Commission (MD PSC) seeking an increase in base distribution rates Test Period 12 months actuals ▪ Pepco’s Traditional Test Year (TTY) rate increase su
Slide 27: DPL DE Electric Distribution Rate Case Filing
DPL DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 25-1555 ▪ December 9, 2025, Delmarva Power filed an application with the Delaware Public Service Commission (DE PSC) seeking an increase in electric distribution base rates Test Period 9 months actuals + 3 months
Slide 28: BGE Distribution Rate Case Filing
BGE Distribution Rate Case Filing Rate Case Filing Details Notes Case No. 9888 ▪ July 2, 2026, BGE filed with the Maryland Public Service Commission (MD PSC) seeking an increase in electric base distribution rates Test Period 12 months actuals ▪ BGE’s Historical Test Year (HTY) rate case supports fu
Slide 29: Approved Electric Distribution Rate Case Financials
Approved Electric Distribution Rate Case Financials Revenue Requirement Common Rate Approved Electric Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1,2) ComEd (Electric) $1,045.0M 8.905% 50.0% Jan 1, 2024 (3) PECO (Electric) $290.0M N/A N/A Jan 1, 202
Slide 30: Approved Gas Distribution Rate Case Financials
Approved Gas Distribution Rate Case Financials Revenue Requirement Common Rate Approved Gas Distribution Rate Case Financials Allowed ROE Increase/(Decrease) Equity Ratio Effective Date (1) PECO (Gas) $78.0M N/A N/A Jan 1, 2025 (2,3) BGE (Gas) $228.8M 9.45% 52.00% Jan 1, 2024 (4) DPL DE (Gas) $21.5M
Slide 31: Approved Electric Transmission Formula Rate Financials
Approved Electric Transmission Formula Rate Financials Revenue Requirement Common Rate Approved Electric Transmission Formula Rate Financials Allowed ROE(1) Increase/(Decrease) Equity Ratio Effective Date(2) ComEd ($21M) 11.50% 54.31% Jun 1, 2026 PECO $40M 10.35% 54.60% Jun 1, 2026 BGE ($30M) 10.50%
Slide 32: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 32
Slide 33: Projected Non-GAAP Operating Earnings Adjustments
Projected Non-GAAP Operating Earnings Adjustments • Exelon’s projected 2026 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: – Costs related to a cost management program; and – Costs related to Pepco’s regulatory matters. 33
Slide 34: Credit Metric GAAP to Non-GAAP Reconciliations
Credit Metric GAAP to Non-GAAP Reconciliations(1) (2) (3) S&P FFO/Debt = FFO (a) Moody’s CFO (Pre-WC)/Debt = CFO (Pre-WC) (c) Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation(2) Moody’s CFO (Pre-WC) Calculation(3) GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +
Slide 35: Q2 QTD GAAP EPS Reconciliation
Q2 QTD GAAP EPS Reconciliation Three Months Ended June 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.24 $0.12 $0.05 $0.11 ($0.13) $0.39 Cost management program - 0.01 0.01 0.02 - 0.04 2026 Adjusted (non-GAAP) operating earnings (loss) per share $0.24 $0.13 $0.07 $0.
Slide 36: Q2 YTD GAAP EPS Reconciliation
Q2 YTD GAAP EPS Reconciliation Six Months Ended June 30, 2026 ComEd PECO BGE PHI Other Exelon 2026 GAAP earnings (loss) per share $0.54 $0.39 $0.34 $0.27 ($0.26) $1.28 Cost management program - 0.01 0.01 0.02 - 0.04 Regulatory matters - - - 0.01 - 0.01 2026 Adjusted (non-GAAP) operating earnings (lo
Slide 37: Thank you
Thank you Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 779-231-0017
Slide 38: C exelon
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